We raised the long-term corporate credit rating on Bombardier Recreational Products Inc. to 'CCC' from 'SD'. We lowered the rating on the company's C$250 million senior secured revolving credit facility one notch to 'B-' from 'B'. The '1' recovery rating on the revolver is unchanged. The 'D' rating on the US$790 million senior secured term loan is unchanged. The '4' recovery rating on the term loan is also unchanged. These rating actions follow the application of Standard&Poor's criteria, which indicates that the corporate credit rating should be raised to reflect BRP's credit risk after completion of the first material debt buyback below par. On July 8, 2009, Standard&Poor's Ratings Services raised its long-term corporate credit rating
